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Business numbers growing in Scotland

Category: Scotland Business News — Gary Cain on November 12, 2012

Official figures have shown that the number of businesses based in Scotland is on the increase, with growth recorded at 10 per cent in the last 12 months.

The figures, put out last week by Holyrood, show that the total number of private sector companies within the country is now put at over 340,000.

With a number of high-profile businesses going to the wall in recent years, it will be seen as excellent news for the Scottish, and national, economies.

As of March 2012, there were a total 341,360 private enterprises in Scotland. This is a rise of 25,620 on the figures taken in March 2011.

The large increase is largely due to smaller businesses, or micro-businesses, increasing significantly in numbers. Employing less than 49 members of staff, many of these have been set up by those made redundant in the economic downturn.

Encouraged by the news, Enterprise Minister Fergus Ewing said:

“The rise has been driven by start-up enterprises, a sign that Scots are confident enough to go out and make the most of the opportunities available.”

With traditional commercial finance in Scotland being low in volumes too, many start-ups are seeking alternative funding.

Invoice finance is proving popular for example, with factoring companies in Glasgow, Edinburgh and Aberdeen seeing rising levels in business.

There was more good news in the figures too. The number of registered enterprises in Scotland was also on the rise, by 3.4 per cent. Following successive falls in the previous two years, this will also prove incredibly welcome to the business world.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

1 Comment »

  1. I set up my own firm after being handed redundancy at my old job. It was the best thing that ever happened to me – it was the kick up the backside that I needed to market my idea and encourage others to see its potential. We achieved a profit in our first year and it’s on target to surpass its projected level for year 2.

    Well done to all the micro businesses, and good luck for the years to come.

    Comment by John — November 20, 2012 @ 11:55 am

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